On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that the fiscal year of Jones ends on July 31st. Using the 360 day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.

On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that the fiscal year of Jones ends on July 31st. Using the 360 day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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